Property values up, transfers down in Ashtabula County

Property values increased in 2022, but property transfers decreased in Ashtabula County, Ohio. The Auditor’s Office for the county released its results recently with some surprising results. Read on to learn of real estate trends that affected the market last year.

Auditor Office results

The Ashtabula County Auditor’s Office sees all types of property transfers, including those not listed. This provides them with invaluable insight into the market, and here are a few of their key findings:

  • The county saw 5,266 total real estate transfers in 2022, a decrease of 246 from the previous year but an increase from 2020.
  • No sizeable activity was reported for 2020-2021.
  • The total value of real estate transfers was $444 million in 2022, a considerable increase from 2021 numbers at $400 million, and 2020 values at around $326 million.
  • The county saw an increase of $117 million in total transfers in just two years with nearly the same property amounts.
  • Transfers included large, multi-unit properties such as industrial facilities and apartment buildings that ranged from $6 million to $13 million.

The county Auditor’s Office based its data on sales over the past three years to determine property values for 2023, and this property increase comes at the beginning of the 2023 State Mandated Triennial Market Update. Experts point to high demand for properties coupled with low supply as causing the discrepancy between property value increases and transfer decreases. The report mentioned that the Ohio Department of Taxation will fine-tune property values using local neighborhood data and will release tentative values in early fall.

The importance of legal help for any real estate transaction

Buying or selling real property is not without risks. Any number of issues can arise that could derail a transaction, and both sellers and buyers in Ohio need to work with experienced real estate attorneys from the start. A lawyer can review a client’s contracts and agreements and help the client obtain the best outcomes possible throughout the process.

Work With Our Miami County Legal Team

Whatever your demands, Dungan & LeFevre is the full-service law firm you need. We can help you explore your options, guide you through challenges, and represent you in court. You can rely on our experience and knowledge to steer you to your best decision for the most reasonable price. Get started with a consultation.